Economics
Powell Plows Ahead Toward Rate Hikes With Eyes on War Impact
- Fed chair tells lawmakers he backs a quarter-point rate rise
- Fed may have to act more aggressively if prices stay too hot
This article is for subscribers only.
Federal Reserve Chair Jerome Powell is making the fight against inflation his top priority over the risks from Russia’s invasion of Ukraine, backing a quarter-point interest-rate rise later this month.
In over three hours of testimony Wednesday, Powell was peppered with questions about prices from lawmakers with constituents worried by the rising cost of living. The Fed chair suggested that if inflation doesn’t start to ease, the central bank may have to get tough.